Look I'm not trying to start a fight and I'm not smug. I'm just being realistic.
I saw a recent study where they did an analysis of how long it would take the Chinese to catch up to the U.S. in terms of productivity and standard of living and GDP per capita and stuff like that. The answer was that even with the astronomical growth rate of the Chinese economy it would take well over 100 years. And that was based on the assumption that the growth rate is sustainable which it isn't.
Yes jobs are evaporating to India and SE Asia but the economy is still growing at 2-3% (like it pretty much always has) and the jobless rate is about 5% (like it pretty much always is) so you cannot argue that we are turning into a nation of hamburger flippers and bed pans. It is simply not true.
Capitalist societies require that some businesses and ventures will fail so that the best will succeed. If we make a conscious decision to interfere with that process we will all suffer in the long run. It's the old buggy whip story. You cannot protect workers in buggy whip factories forever once the automobile is invented. The demand for the product fall to zero and those people have to find other work. Some of the the sons and daughters of the sons and daughters of those buggy whip workers are now setting in front of CAD machines designing GPS displays for American automobiles.
Change is just the price we pay for progress. People will be displaced and they will have to adapt. That is painful but in the long run it is the reason this is the greatest country on God's green earth.
These countries are well on their way to owning us. Given the Globalist mindset the only competitive thing we can do we are doing, i.e. opening our borders to an influx of cheap labor in order to accelerate the decline of American wages.
That's probably true, although the overall Chinese economy will be bigger than ours sometime before 2050. It's just that they have far more people.
Speaking of people, China has determined that the rural regions of China can only sustain a population of 100 million. There are 500 million there now.
Over the next 15 years, they plan to relocate 400 million people from rural China into expanded megacities giving them an almost unlimited supply of cheap labor.
They are going to be very difficult to compete with. Ironically, the thing that could slow them down is political reform. Democracy is messy. Fascist planning and enforcement is far more efficient assuming the correct economic decisions are made.
...financed by debt, not saved capital.
That's a REALLY big difference.
At this point, the US consumer is borrowing most of their expenditures.
And the debt is held by PRChina and Japan--so it's "vendor financing."